Response Deadlines Extended – Concepts Underlying Financial Performance and Government Not-for-Profit Strategy Documents for Comment

The comment periods for these five documents are extended from May 12 to June 30, 2021:

1. Exposure Draft, “The Conceptual Framework for Financial Reporting in the Public Sector”  
2. Exposure Draft, “Consequential Amendments Arising from the Proposed Conceptual Framework” 
3. Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202” 
4. Exposure Draft, “Consequential Amendments Arising from Financial Statement Presentation, Proposed Section PS 1202”
5. “Government Not-for-Profit (GNFP) Strategy Consultation Paper II.”

The extension gives stakeholders more time to respond. These are significant documents, and we want to ensure you have adequate time to provide feedback.  

By reading and responding to these documents, you can make your opinions heard. PSAB values your input and welcomes your comments on the issue(s) that concern you.

Now it’s easier to respond

1. Visit our new online community platform, Connect.FRASCanada.ca, to quickly and easily respond to the proposals or ask questions. 
2. Send in a comment letter.
3. Send an email to the Project Leads:
• Conceptual Framework and Reporting Model: Antonella Risi ([email protected]) or Martha Jones Denning ([email protected])
• GNFP Strategy:  Sandra Waterson ([email protected])

Making Sense of PSAB’s Documents for Comment

We recommend you read the documents in the order listed above because:

• The concepts in the proposed Conceptual Framework, specifically those in Chapter 6, “Financial Statement Objectives,” either foreshadow or are the foundation for what is in the proposed financial statement presentation standard; 
• it’s important to understand the consequential amendments to the CPA Canada Public Sector Accounting Handbook arising from the conceptual framework and reporting model proposals; and
• the “Government Not-for-Profit (GNFP) Strategy Consultation Paper II”  considers the proposed changes to the reporting model in PSAB’s Exposure Draft, “Financial Statement Presentation, Proposed Section PS 1202.”

A series of supporting documents is also available to help you navigate the proposals in the documents for comment. Find out more by visiting the linked pages above.